New York, US, June 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Garbage Collection Vehicle Market Research Report Information by Vehicle Type, Loader Type, Region, Propulsion, and Technology - Forecast Till 2030”, the garbage collection vehicle market is predicted to grow substantially over the assessment timeframe from 2022 to 2030 at a healthy CAGR of around 6.5%. The reports even share predictions regarding the market's growing revenue share, which is likely to attain a market of USD 20,410.0 million by the end of 2030.
Garbage Collection Vehicle Market Overview:
A garbage collection vehicle, or refuse collection vehicle, is particularly developed to collect residential and non-residential garbage.
Competitive Analysis
The catalogue of the top leaders across the global Market for Garbage Collection Vehicles includes players such as:
- CEEC TRUCKS INDUSTRY CO., LIMITED (China)
- Heil Environmental (U.S.)
- FAUN Umwelttechnik GmbH & Co. KG (Germany)
- Geesink B.V. (the Netherlands)
- Dulevo International S.p.A. (Italy)
- Pak-Mor. (U.S.)
- IVECO S.p.A., (Italy)
- Dennis Eagle Limited (U.K.)
- Zoomlion Heavy Industry Science and Technology Co., Ltd (China)
- Bridgeport Manufacturing (U.S.)
- Among others.
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Market USP Covered
Garbage Collection Vehicle Market Drivers
The global Pump industry has advanced enormously in recent years. The primary aspect causing a surge in the performance of the market is the growing industrialization across the globe. Furthermore, the increasing proper waste disposal facilities globally is also considered a vital parameter enhancing the market's growth. Moreover, the factors such as growing governments initiatives to educate people, growing awareness regarding environmental safety, rising concerns about public health, rising budgets for the development of waste recycling systems, and growing product innovations are also projected to have a positive impact on the performance of the market over the coming years.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 20,410.0 million |
| CAGR during 2022-2030 | 6.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Loader Type, Technology, Vehicle Type, Propulsion, Application |
| Key Market Opportunities | Increasing proper waste disposal facilities globally Improving economy are providing lucrative new opportunities Increasing population and growing awareness |
| Key Market Drivers | Growing awareness regarding environment safety, and growing governments initiatives to educate people Growing product innovations, coupled with technological advancements Growing adoption of IoT and sensors Growing concern of public health |
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Garbage Collection Vehicle Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked. Furthermore, the lack of standard protocols for the development of garbage collection vehicles is also projected to impact the market growth over the coming years negatively.
Garbage Collection Vehicle Market COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Garbage Collection Vehicles industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era.
Garbage Collection Vehicle Market Segment Analysis
Among all the loader types, the rear loader segment is anticipated to ensure the leading position across the global market for Garbage Collection Vehicles over the assessment period.
Among all the technologies, the semi-automatic technology segment is anticipated to ensure the leading position across the global market for Garbage Collection Vehicles over the assessment period.
Among all the vehicle types, the light-duty segment is anticipated to ensure the leading position across the global market for Garbage Collection Vehicles over the assessment period.
Among all the end sectors, the ICE segment is anticipated to ensure the leading position across the global market for Garbage Collection Vehicles over the assessment period.
Among all the application areas, the residential segment is anticipated to ensure the leading position across the global market for Garbage Collection Vehicles over the assessment period.
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Garbage Collection Vehicle Market Regional Analysis
The Global Market for Garbage Collection Vehicles is analyzed across five major parts: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The research documents by MRFR indicate that Asia-Pacific Region is anticipated to secure the leading position across the global Garbage Collection Vehicles industry over the assessment period. India, China, and Indonesia are the leading development contributors in the region. Further, the China Garbage Collection Vehicle Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the rapid growth in the population across the region. Furthermore, the rising awareness regarding the importance of garbage collection in a safe manner is another crucial aspect causing a surge in the performance of the regional market. Moreover, factors such as increasing production & consumption of goods across the country, large population, and the growing infrastructure & industries are also likely to positively impact the development of the regional market over the coming years.
North America secured a significant position across the global Garbage Collection Vehicles industry in 2021. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Garbage Collection Vehicle Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is developing advanced technology across the region. Furthermore, the presence of major key manufacturers coupled with the stable economy is also considered to be some of the crucial aspects enhancing the performance of the regional market.
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The European Region is anticipated to secure the third position across the global Garbage Collection Vehicles industry over the coming years and showcase the maximum growth rate. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Garbage Collection Vehicle Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The rising technological innovations across the region are believed to be the main aspect causing a surge in the regional market performance.
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